Gap to shift focus to Old Navy, Athleta stores
NEW YORK (AP) — Gap Inc. plans to shift its focus to its growing Old Navy and Athleta stores, and away from the Gap and Banana Republic brands.
The company said Wednesday it will close about 200 Gap and Banana Republic stores in the next three years and open about 270 Old Navy and Athleta locations during the same period.
Lower-priced Old Navy has been a bright spot for the clothing retailer, posting rising sales even as they fell at the Gap and Banana Republic.
The San Francisco-based company says Old Navy is on track to surpass $10 billion in sales in the next few years. And Athleta, which sells athletic clothing, is expected to exceed $1 billion in sales.